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PLANET has posted a significant dip in the last 24 hours. The decline comes barely two days after the token created a new all-time low.
On August 22, PLANET dropped to a new all-time low of $0.000044. While it has bounced by around 20% from these levels, the current price drop shows buyers are hesitant to buy the dip.
Most altcoins are trading in the red, with the total crypto market cap dropping 1.5% in 24 hours. Most of the top ten cryptos have posted losses.
PLANET’s trading volume is down 45% in the last 24 hours, indicating a lack of interest in either buying or selling. PLANET might consolidate at the current level if the volumes continue to drop.
Despite the drop in trading volumes, positive developments are still happening within the PLANET ecosystem.
The project raised interest from the community after expressing its commitment to trust and security. The milestone was achieved after Planet was classified under the Top 0% Security Score and Sub-Score lists by CertiK.
Our commitment to security and trust has taken $PLANET to the @CertiK TOP 10% Security Score and Sub-Score lists. $PLANET is leading the stats on Market Stability, Community Trust, and Governance Strength 🔥👀
Check it out ▶️https://t.co/7okpltBvxN#JoinThePlant $PLANET #Planet pic.twitter.com/5aV6ZfvPjm
— Planet (@PlanetReFi) August 22, 2023
The token has also been trending on Twitter, making it more popular in the Web3 ecosystem. The token trended amid India’s historic landing on the moon. However, the event did not trigger gain for PLANET.
🌍$PLANET is trending WORLDWIDE 🚀
🏆 #4 WORLDWIDE
🇺🇸 #1 USA
🇧🇷 #2 BRAZIL
🇩🇪 #1 GERMANY#JoinThePlanet #PlanetToken #PlanetRWAs pic.twitter.com/Qgquoj0wVN— Planet (@PlanetReFi) August 23, 2023
Will PLANET’s Downtrend Persist?
PLANET’s price movement over the past month shows a steady price decline.
PLANET’s monthly high stands at $0.000070, created on July 28. A steady downtrend was seen since then, and by August 7, the price had dropped to $0.000051.
PLANET created a new all-time low on August 22 as the price plunged to $0.00044. Buyers took advantage of the drop to accumulate more tokens, and a slight recovery was seen.
Despite the recent price decline, PLANET was one of the top performers of 2023 as it created a new all-time high of $0.000092 on July 9.
PLANET’s Breakout Seems Bleak
The Moving Average Convergence Divergence (MACD) line shows the possibility of a trend reversal. The MACD histograms are also in the positive region, indicating that a recovery might be seen.
A significant recovery in price will be seen if buyers start accumulating at the low prices. In this case, the price will rally to the next resistance at $0.000058.
However, the Relative Strength Index (RSI) shows buyers are yet to enter the market. PLANET’s RSI currently stands at 44, indicating that the token is yet to reach the oversold levels despite the recent dip to an all-time low.
A further price drop might see PLANET dropping to the $0.000045 level. This drop might pave the way for further price declines.
Launchpad XYZ Has Potential For 10x Gains
Launchpad XYZ is one of the best presales of 2023. The presale has surpassed $1.4 million raised, with 1 LPX token trading at $0.0445.
Launchpad XYZ gives Web3 users the training they need to become successful traders.
It also empowers users with any level of experience to maximize their chances of making profits.
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